Dear Navy Federal Credit Union,
We've been loyal customers for 17 years, and been happy with your excellent customer service. That is why we are especially disappointed to see you, too, are joining the throng of banks hastily hiking interest rates on credit cards before federal legislation makes it illegal to do so.
What makes it worse is how nimbly you throw off blame. In the notice you mailed to us, you write:
Due to changes in recent federal legislation, it has become necessary for us to update our credit card business practices.
What you really mean is:
Since federal legislation will soon make it illegal for us to gouge credit card customers, we are tripling your interest rate now, while we still can, before you or anyone else can stop us.
It's true times are tough, and it's true many of us don't have the stellar credit ratings we once had. But tripling the interest rate on a long-term loyal customer, an active duty servicemen just walking off the boat from deployment, on a line of credit that's been open and healthy for 15 years?
How many young enlisted servicemen currently deployed are going to take the time to read this notice and figure out what that will do to their monthly payments? How many will call and ask about the "opt-out" you make vague reference to? Will they even be able to call before the new rate kicks in?
Since we did call in time, we chose to "opt-out" of the new "terms," and canceled our 15-year-old credit card. It was the only reason we were still banking with you. Guess we'll switch everything else to USAA, a company who still stands by their customers and the military.
I guess I should say thanks for the incentive to cut up a credit card and stay straight on the cash. We'll be sure to spread the word.
Sincerely,
Formerly-loyal NFCU members
See: http://edition.cnn.com/2009/POLITICS/10/09/credit.card.outrage/index.html
